H παρακάτω εργασία – έρευνα αναλύει και επεξεργάζεται πέντε βασικούς θεματικούς πυρήνες, οι οποίοι χωρίζονται σε αντίστοιχα κεφάλαια. Πρώτα απ’ όλα, στο πρώτο κεφάλαιο γίνεται μια εκτενής αναφορά στον όρο και τη σημασία των Αφορολόγητων Αποθεματικών, έπειτα παρουσιάζεται το σύνολο των αναπτυξιακών κινήτρων περί επενδύσεων στην Ελλάδα και ακολούθως εκτίθενται οι λόγοι επιλογής του συγκεκριμένου θέματος προς έρευνα. Στο δεύτερο κεφάλαιο γίνεται μια παρουσίαση της εταιρείας η οποία και αποτελεί αντικείμενο μελέτης των Αφορολόγητων Αποθεματικών ενώ παράλληλα παρατίθεται και κριτικάρεται το θεσμικό πλαίσιο (Νόμοι) που διέπει τα Αφορολόγητα Αποθεματικά στην Ελλάδα. Το τρίτο κεφάλαιο περιλαμβάνει τη σύγκριση όλων των αναπτυξιακών κινήτρων σε σχέση με τη ρευστότητα και την κεφαλαιακή κατάσταση μιας επιχείρησης και αναδεικνύει το πλεονέκτημα των Αφορολόγητων Αποθεματικών έναντι των λοιπών κινήτρων. Επίσης γίνεται αναφέρεται και το ευρωπαϊκό σύστημα κινήτρων ανάπτυξης και φορολογικής ελάφρυνσης σε σχέση με το αντίστοιχο πλαίσιο στην Ελλάδα. Στο τέταρτο κεφάλαιο αναπτύσσονται τα ερευνητικά συμπεράσματα περί των Αφορολόγητων Αποθεματικών ενώ αναλύονται οι απαιτούμενοι χρηματοοικονομικοί δείκτες περί ρευστότητας – δραστηριότητας – αποδοτικότητας και μόχλευσης για την εταιρεία που επιλέχθηκε ως αντικείμενο μελέτης. / The following research project analyzes and processes five basic thematic cores, which are separated in five chapters. First of all, Chapter I refers to an extensive report in the term and the importance of Tax-free Reserve Funds, and then are presented all the developmental motives according to investments in Greece. Following are exposed the reasons of choice this particular subject to research. Chapter II presents the firm which is also used as the case study of Tax-free Reserve Funds while at the same time is mentioned and criticized the institutional frame (Tax Laws) that conditions the Tax-free Reserve Funds in Greece. Chapter III analyzes the comparison of all developmental motives, in Greece, according to the cash flow and the capital of an enterprise and elects the advantage of Tax-free Reserve Funds against of all the other motives. Chapter III is also reported, in the European system of developmental motives and tax alleviation according to the corresponding frame in Greece. Chapter IV includes the inquiring conclusions of the Tax-free Reserve Funds while are analyzed the required financing indicators of cash flow - activity - efficiency and gearing according to the company that was selected as a case study of the research project. Chapter V refers to the place of Greece according to investments and developmental policy against European companions. Following is elected the diachronic importance of Tax-Free Reserve Funds as a main factor of growth of investments in Greece. Finally are mentioned the conclusions of the contribution of Tax-free Reserve Funds in the Greek enterprises and in the Greek economy in general.

Este trabalho situa-se no âmbito dos estudos voltados para as relações entre linguagem e mundo previdenciário e, em consideração às várias possibilidades de abordagem para essas relações, pretende aprofundar-se nos discursos produzidos sobre o pecúlio. A proposta desta pesquisa é, sob o ponto de vista enunciativo, identificar que sentidos de pecúlio circulam em notícias veiculadas na Revista PREVI, levando em consideração a historicidade dos pecúlios e a comunidade discursiva que participa dessa construção de sentidos. Ao fazermos uma leitura mais analítica das notícias, identificamos que a forma como o enunciador se constituiu, nos levou a trabalhar com os implícitos - pressupostos e subentendidos - e, como pretendíamos analisar a relação PREVI/Participante, optamos por estudar o ethos enunciativo a partir desses implícitos. Dessa forma, pudemos estudar imagens de enunciador e, consequentemente, a forma de relacionamento desse com seu coenunciador, bem como os sentidos de pecúlios recuperados a partir dessa relação. A perspectiva teórica utilizada é a da Análise do discurso de base enunciativa que determina a forma como compreendemos as manifestações de linguagem (MAINGUENEAU, 2004). Outros conceitos presentes em nossa análise foram os de gênero do discurso (BAKHTIN, 2010); as teorias dos implícitos em Ducrot (1987) e Maingueneau (1996) e os estudos sobre o ethos em Maingueneau (2004, 2008 e 2011). Nossas análises nos possibilitaram recuperar três imagens predominantes de enunciadores: o explicador, o defensivo e o apelativo. O primeiro enunciador explica, porque entende que seu coenunciador tem dúvidas, desconhece, não está apto a; o segundo, defende a instituição PREVI, o pecúlio da PREVI e, se necessário, ataca inclusive seu coenunciador, se entender que está sendo ameaçado. Por sua vez, o terceiro argumenta em sua própria causa ou pela causa dos pecúlios e apela pela adesão do seu coenunciador. Depreendem-se dessas imagens de enunciador sentidos de pecúlios que precisam ser explicados, defendidos e argumentados nas publicações da PREVI. Como conclusão, a partir desses sentidos de pecúlio, inferimos uma possível causa para que os enunciadores e coenunciadores estabeleçam as mesmas relações em um período de mais de trinta anos de divulgação dessas revistas / This work lies within the framework of studies on the relationship between language and pension fund and, in consideration of the various possible approaches to these relationships, wants to delve into the speeches made on the reserve funds. The purpose of this research is to identify which reserve funds stories are found in reports in the previ Magazine, taking into account the historicity of the reserve funds and the community that participates in this discursive construction of meaning. By making a more analytical reading of the news, we identified how the utterer was formed, led us to work with the implicit - assumptions and innuendos - and, as we wanted to analyze the PREVI / Participant relationship, we have opted to study the relationship enunciation ethos from such implied. Thus, we studied pictures of the enunciator and hence this kind of relationship with their co-enunciator and the directions of reserve funds recovered from this relationship. The theoretical perspective used is that of discourse analysis of expository basis that determines how we understand the manifestations of language (MAINGUENEAU, 2004). Other concepts presented in our analysis were the gender discourse (BAKHTIN, 2010); implicit theories in Ducrot (1987) and Maingueneau (1996) and studies on the ethos in Maingueneau (2004, 2008 and 2011). Our analyzes allowed us to recover three predominant enunciators pictures: the tutor, the defensive and the appealing. The first enunciator explains, because he understands that his co-enunciator is unsure, unaware, unable; the second one supports the Previ institution, the reserve fund and, if necessary, attacks your co-enunciator to understand what is being threatened. The third one argues for its own sake or for the sake of reserve funds and calls for the accession of his co-enunciator. Be inferred from these enunciators pictures reserve funds ideas which must be explained, defended and argued in the Previ publications. In conclusion, from these reserve funds ideas, we infer a possible cause for the enunciators and the co-enunciators to establish the same relationships over a period of more than thirty years of dissemination of these journals

Este trabalho situa-se no âmbito dos estudos voltados para as relações entre linguagem e mundo previdenciário e, em consideração às várias possibilidades de abordagem para essas relações, pretende aprofundar-se nos discursos produzidos sobre o pecúlio. A proposta desta pesquisa é, sob o ponto de vista enunciativo, identificar que sentidos de pecúlio circulam em notícias veiculadas na Revista PREVI, levando em consideração a historicidade dos pecúlios e a comunidade discursiva que participa dessa construção de sentidos. Ao fazermos uma leitura mais analítica das notícias, identificamos que a forma como o enunciador se constituiu, nos levou a trabalhar com os implícitos - pressupostos e subentendidos - e, como pretendíamos analisar a relação PREVI/Participante, optamos por estudar o ethos enunciativo a partir desses implícitos. Dessa forma, pudemos estudar imagens de enunciador e, consequentemente, a forma de relacionamento desse com seu coenunciador, bem como os sentidos de pecúlios recuperados a partir dessa relação. A perspectiva teórica utilizada é a da Análise do discurso de base enunciativa que determina a forma como compreendemos as manifestações de linguagem (MAINGUENEAU, 2004). Outros conceitos presentes em nossa análise foram os de gênero do discurso (BAKHTIN, 2010); as teorias dos implícitos em Ducrot (1987) e Maingueneau (1996) e os estudos sobre o ethos em Maingueneau (2004, 2008 e 2011). Nossas análises nos possibilitaram recuperar três imagens predominantes de enunciadores: o explicador, o defensivo e o apelativo. O primeiro enunciador explica, porque entende que seu coenunciador tem dúvidas, desconhece, não está apto a; o segundo, defende a instituição PREVI, o pecúlio da PREVI e, se necessário, ataca inclusive seu coenunciador, se entender que está sendo ameaçado. Por sua vez, o terceiro argumenta em sua própria causa ou pela causa dos pecúlios e apela pela adesão do seu coenunciador. Depreendem-se dessas imagens de enunciador sentidos de pecúlios que precisam ser explicados, defendidos e argumentados nas publicações da PREVI. Como conclusão, a partir desses sentidos de pecúlio, inferimos uma possível causa para que os enunciadores e coenunciadores estabeleçam as mesmas relações em um período de mais de trinta anos de divulgação dessas revistas / This work lies within the framework of studies on the relationship between language and pension fund and, in consideration of the various possible approaches to these relationships, wants to delve into the speeches made on the reserve funds. The purpose of this research is to identify which reserve funds stories are found in reports in the previ Magazine, taking into account the historicity of the reserve funds and the community that participates in this discursive construction of meaning. By making a more analytical reading of the news, we identified how the utterer was formed, led us to work with the implicit - assumptions and innuendos - and, as we wanted to analyze the PREVI / Participant relationship, we have opted to study the relationship enunciation ethos from such implied. Thus, we studied pictures of the enunciator and hence this kind of relationship with their co-enunciator and the directions of reserve funds recovered from this relationship. The theoretical perspective used is that of discourse analysis of expository basis that determines how we understand the manifestations of language (MAINGUENEAU, 2004). Other concepts presented in our analysis were the gender discourse (BAKHTIN, 2010); implicit theories in Ducrot (1987) and Maingueneau (1996) and studies on the ethos in Maingueneau (2004, 2008 and 2011). Our analyzes allowed us to recover three predominant enunciators pictures: the tutor, the defensive and the appealing. The first enunciator explains, because he understands that his co-enunciator is unsure, unaware, unable; the second one supports the Previ institution, the reserve fund and, if necessary, attacks your co-enunciator to understand what is being threatened. The third one argues for its own sake or for the sake of reserve funds and calls for the accession of his co-enunciator. Be inferred from these enunciators pictures reserve funds ideas which must be explained, defended and argued in the Previ publications. In conclusion, from these reserve funds ideas, we infer a possible cause for the enunciators and the co-enunciators to establish the same relationships over a period of more than thirty years of dissemination of these journals

不動產證券化條例於2003年7月23日公佈實施以來，不動產投資信託受益證券(REITs)和不動產資產信託受益證券(REATs)均已發行多檔，信託財產種類含括辦公室、百貨公司、旅館、商務住宅等；不動產產權型態包含所有權與設定地上權二類。然而「設定地上權的不動產」其資產價值會隨著時間而遞減的特性，對於以封閉型態上市的REITs基金而言，將產生淨資產價值(NAV)不斷下跌的問題，為避免前項問題影響基金的市價(Market Price)表現，本研究將透過「中崙大樓」出售予「富邦二號不動產投資信託基金」的實施經驗、相關財務理論的佐證及專家學者的深度訪談，來研究提撥「投資本金攤提準備金」(Reserve Fund)機制的優缺點及替代方案。 本研究結果發現，在不動產市場穩定發展的情況下，Reserve Fund除了可對投資人產生節稅效果之外；對基金而言：可避免基金之淨資產價值(NAV)隨時間不斷遞減的問題、可供地上權到期時還本之用、得以分散投資風險並發揮良好的財務槓桿的效果。然而相對的，除非基金的年營收維持每年固定上漲，否則投資人的名目收益率可能會逐年下降，並產生資金運用的無效率狀況。 至於是否ㄧ定要提撥Reserve Fund，從本研究中發現，若從投資人偏好來看，所有淨收益每年均全部發放或設計為PO、IO二個群組，或發行有期限的Finite Life REITs都是可以替代的方案。從開發商的角度，則可以將應收租金債權設計為金融資產證券而不做REITs。 此外，本研究亦發現目前台灣REITs的投資人幾乎將REITs視為固定收益證券，致使其市價波動及成交量均極小，建議政府應放寬法令限制，致力於活絡交易市場，才能達到初衷。而受託機構應扮演更積極的角度並將其與管理機構間的責任與分工進一步釐清，以避免發生管理機構的代理問題，以期更健全市場的發展。 不動產證券化就是將金融商品的彈性注入不動產的開發，本研究為設定地上權的不動產找出參與REIT的配套機制，期許能對政府及產業有所貢獻。 / The Real Estate Investment Trust (REITs) and Real Estate Asset Trust (REATs) securities had been issued since the “Real Estate backed securities Act” published on July 23rd, 2003. The properties being entrusted, for instance, office buildings, department stores, hotels, business suite, etc.. The right of property can be divided into two parts: the ownership and the superficies on land；However, the value of the properties with superficies right will be decreased when time passes by. The close-end fund will continually decline of Fund’s net asset value (NAV), and indirectly affect its market price. To solve such problems, the purpose of this research paper is to discuss the solution of the Reserve Fund design when the Chung-Lung building, offered by “ Fubon REITs no.2” , has its financial theories implication, also tried to interviews of scholars and professionals for the suggestions. From the result of this research paper, when the real estate market is at its steady growing stage, the Reserve Fund design can not only accurately solve to the problem of decreasing Fund’s NAV with time, but also it can bring such benefits as tax-saving and principle-paying at the expiration date. Moreover, the growing amount of Reserve Fund can positively benefit the fund itself by diversification and higher leverage capability. On the contrary, unless the revenue of the fund keeps constant growing, the investors’ nominal yield of return might decrease year by year, which will result in inefficiency in the usage of investment capital. For the Reserve Funds design, from the view of investors’ preference points, we find that the revenue allotment or issued Finite Life REITs could be substituted. On the other hand, from the view of developers’ points, they may regard it as a CMBS rather than REITs. If the government can abstemiously open financing limits of REITs, we can refer as company、SPC or SPT types of USA or Japan to substitute for the Reserve Funds design. The stock market of the real estate is the financial commodities will be more flexible to input the development of the real estate. The study of research paper is to form a complete set of REITs mechanism for the superficies on land of property which can be contributed for the government and industry of the real estate.

Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.

Em um contexto de demandas sociais tendencialmente crescentes, uma das alternativas para o aumento da arrecadação de receitas pelo Estado reside no manejo de aplicações financeiras. Os investimentos financeiros estatais, a rigor, já acontecem, mas nem sempre o objetivo claro e explícito de obtenção de resultados financeiramente interessantes e, eventualmente ou mesmo por isso , sob gestão economicamente ineficiente. Às vezes, até se enxerga o foco na obtenção de rendimentos relevantes na ação estatal, mas sem uma disciplina específica, o que pode abrir espaço a uma gestão de ativos desqualificada ou mesmo fraudulenta, com sérios prejuízos aos cofres públicos e, em situações extremas, ampliação ainda maior das despesas públicas. O objetivo desta tese, portanto, é reconhecer que nem sempre o Estado atua na economia com propósito interventivo e que, na qualidade de investidor institucional vale dizer, de ente que tem o dever de proceder aos investimentos e às aplicações financeiras que digam com as melhores práticas de administração dos ativos públicos , precisa atuar sob o jugo de normas jurídicas claras, que permitam ao Estado ampliar suas receitas dentro de limites razoáveis de exposição a risco financeiro e disponibilizem aos órgãos de fiscalização e controle da Administração Pública as ferramentas necessárias para, também quanto a esse aspecto, aferir a eficiência da ação estatal. Para tanto, têm-se como pressupostos o anacronismo da resistência cultural às aplicações financeiras dos entes da Administração Pública e a noção de que quaisquer ferramentas de obtenção de receitas pelo Estado estão sujeitas a algum grau de risco. Com base nas bem-sucedidas experiências nacionais e internacionais, será possível concluir, ao final, que é admissível, do ponto de vista constitucional e legal, a ação do Estado como investidor nos mercados financeiro e de capitais e que é viável a formulação de parâmetros gerais para a disciplina jurídica do Estado investidor. / In a context of growing social demands, financial investments become one of the alternatives for the State to increase its revenues. State investments, as a matter of fact, already do happen, but not always with the clear and explicit objective of obtaining financially interesting earnings, often due economically inefficient management. Sometimes it is possible to see in government investments some focus on obtaining relevant income, but not under a specific regulation, which can lead to an unqualified or even fraudulent management that may cause serious damage to the exchequer and, in extreme situations, expansion of the government spending. Hence the intent of this thesis is to acknowledge that the State does not always act in the economy with regulatory purposes and that, as an institutional investor i.e., an organization which has the duty of making financial investments in accordance to the best practices in public asset management , it must be framed by clear legal rules, which should allow the State to maximize its revenues within reasonable limits of financial risk exposure and the oversight and control agencies to assess the State efficiency and compliance. It is assumed that the cultural resistance to state financial investments is anachronistic as well as every state means of obtaining revenues is subject to some level of financial risk. Based on well succeeded experiences in Brazil and abroad, it will be possible to conclude, in the end, that it is constitutionally and legally admissible that the State acts as an investor in financial and stock markets and that it is possible to suggest some standards on legal regulation for this issue.